Market View 20230807

We are still wedged between two moving averages on the BN, so we'll have to wait patiently to see which direction it will break to. Personally, I'm bearish with the large gap fill below. BUT...

It looks like a typical head and shoulder pattern could be forming (which means that the market will go up to the neck (see the high before the last all time high), i.e. the zone marked in yellow above - before making a further correction.

2:22 PM

So throughout today, the market has been going sideways. In fact, it is hovering around trend line. Let' see how the day ends.